(a) The board shall require each officer, employee, or person under contract to the district who collects, pays, or handles district money to furnish a bond.
(b) The bond must be:
(1) payable to the district;
(2) for an amount sufficient to protect the district from financial loss resulting from the person's actions; and
(3) conditioned on the faithful performance of the person's duties and on accounting for all district money and other property under the person's control.
(c) The district shall pay for the bond.